The Basics of Our Process

• Start by completing our short online submission form or discussing your loan scenario with a GCMAC representative.    
• If GCMAC is interested in your request you will be asked to complete our Real Estate Information Form.
• GCMAC will issue a Commitment Letter, Good Faith Estimate and Escrow Analysis worksheet.
  (Commitment Letter will summarize what GCMAC needs to approve the loan based on the information we have at that time).
• BPO** Fee paid to GCMAC (required for real estate broker’s price opinion on property) and signed Commitment Letter, Good Faith Estimate and Escrow Analysis are returned to GCMAC.
• GCMAC will make a site inspection and have face-to-face meeting with borrower.
• GCMAC orders BPO, Title Commitment, and Survey (if required).
• Upon receipt from borrower, GCMAC submits borrower’s entity docs to our attorney for review and approval (all loans with GCMAC must close in an Entity-such as an LLC, LTD, Inc., etc. with a personal guarantee from borrowers).        
• Once GCMAC receives an updated and clean Title Commitment, we will order our closing documents and closing will be scheduled.

While GCMAC has closed loans in as little as 3 days, the typical loan takes about 2-3 weeks to close.  The quicker we get everything we need, the quicker a loan can fund.

**A note about our BPO (Broker's Price Opinions):  Our real estate broker's price opinions are based on "as-is" quick-sale market values.  GCMAC does NOT lend on after-repaired or completed value.  We want to know what a property could sell for at the time of the loan if it was put on the market with a short 60-day or less marketing time.  Tax assessments and traditional appraisals do tend to be higher than our valuations, but they also allow for longer marketing times.

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